Welcome to our latest issue. It has been a very
challenging time for many of our clients, their families,
their employees and the wider business community.
During this difficult time, we hope you’re staying
safe. The ongoing news of the impact of the
coronavirus pandemic and how it is affecting everyone
is a huge concern for us all. Understandably, people
are worried about the general economic outlook and
their own personal finances.
The Government’s actions to help businesses
and households manage the short-term economic
disruption, such as interest rate cuts and rescue
packages, have been positively received, but the
intended consequences are yet to materialise.
The Government has created new legal powers in
the COVID-19 Bill, enabling it to offer whatever further
financial support it thinks necessary to support
businesses. On 17 March, the Chancellor, Rishi
Sunak, announced an unprecedented package of
government-backed and guaranteed loans to support
businesses, making available an initial £330 billion of
guarantees – equivalent to 15% of the country’s GDP.
This was on top of a series of measures announced at
Budget 2020. The Government announced £30 billion
of additional support for public services, individuals and
businesses experiencing financial difficulties because of
COVID-19, including a new £5 billion COVID-19 Response
Fund to provide any extra resources needed by the NHS
and other public services to tackle the virus.